Impact of the Business Structure on Solvency of Property-Liability Insurance Companies and Its Mediating Effect

Table 9

Robustness test of the impact of the business structure on solvency.

Variables	Full sample	Chinese-funded	Large Chinese-funded	Small Chinese-funded	Foreign-funded
	(1)	(2)	(3)	(4)	(5)
Nonauto	182.025	126.532	0.866	160.839	278.471
	(3.103)	(6.068)	(0.057)	(6.025)	(2.237)
Size	18.535	1.793	4.471	8.991	62.998
	(1.789)	(0.432)	(3.690)	(0.727)	(2.685)
Loss	0.149	−60.020	−3.999	−91.854	0.087
	(0.025)	(−5.125)	(−0.838)	(−3.195)	(0.011)
Lev	−73.310	−78.083	−15.031	−94.661	−87.942
	(−3.769)	(−2.817)	(−1.943)	(−4.471)	(−1.857)
Geodiv	−70.265	2.667	−16.284	−1.647	−134.927
	(−4.010)	(0.185)	(−0.517)	(−0.087)	(−3.966)
Invest	44.680	6.151	5.245	−0.498	77.744
	(1.280)	(0.415)	(1.830)	(−0.019)	(1.242)
GDP	−0.084	2.798	0.036	5.021	−3.097
	(−0.067)	(5.654)	(0.157)	(4.128)	(−0.687)
Interest	−2.745	2.069	−0.401	6.828	−8.441
	(−0.928)	(1.470)	(−0.750)	(3.606)	(−0.969)
Constant	−139.510	−7.210	−14.112	−92.191	−510.204
	(−1.174)	(−0.139)	(−0.472)	(−0.989)	(−1.752)
Sample size	318	203	110	93	115

Note. (1) means , means , and means . (2) Below the estimated coefficient () is a robust standard error.